investment technology group (IVY) Key Developments

ITG Reportedly In Talks To Acquire ConvergEx

Mar 13 15

Investment Technology Group Inc. (NYSE:ITG) is in talks to buy ConvergEx Inc., people familiar with the matter said. Convergex could be valued at about $200 million in a sale, said the people. Convergex is reportedly working with Goldman Sachs Group Inc. to find a buyer. Spokesmen for ITG, Convergex and Goldman Sachs declined to comment.

Investment Technology Group Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Jan 29 15

Investment Technology Group Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $13 million or $0.36 per diluted share compared to a 9.7 million or $0.26 per diluted share for the fourth quarter of 2012. Revenues were $149 million compared to $131.9 million a year ago. Income before income tax expense was $17.8 million $9.7 million reported last year. Adjusted earnings before interest, taxes, depreciation, and amortization were $29.6 million against $24.5 million reported last year. Adjusted net income was $13 million against $9.7 million or $0.26 per diluted share reported last year.
For the full year, the company’s revenues were $559.8 million, net income was $50.9 million or $1.40 per diluted share and adjusted net income was $51 million compared to revenues of $530.8 million, net income of $31.1 million, or $0.82 per diluted share and adjusted net income of $37.1 million, or $0.97 per diluted share. Income before income tax expense was $65 million against $43.1 million reported last year. Adjusted earnings before interest, taxes, depreciation, and amortization were $115.6 million against $104.8 million reported last year. The decline in the overall average rate was due in large part to an increase in trading activity from lower-rate quantitative clients as well as a decline in the average commission rate paid by sell-side clients. Return on equity rose from 7.6% in 2013, using GAAP net income to 12.2% in 2014.

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